The Role of Entrepreneurship in Economic Development in...

The Role of Entrepreneurship in Economic Development The entrepreneurs with their ability to scan, analyze and identify opportunities in the environment transform them into business proposition through creation of economic entities. Entrepreneurship and economic development are intimately related. So, that entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth. Whatever be the form of economic and political set-up of the country, entrepreneurship is indispensable for economic development. Entrepreneurship is an approach to management that can be applied in start-up situations as well as within more established businesses. According to Joseph Schumpeter, the rate of economic†¦show more content†¦In Bangladesh, Micro-credit programs incorporate skills-based training which fosters human capital formation among participants. Also, the group-based nature of the lending format facilitates interaction between members which allows them to benefit from one another’s experience and knowledge. Both of these facets of the micro-credit model exist to promote the productive capacity of the poor, which is essential to their own economic advancement. 7. Creates Large-Scale Employment Opportunities: Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation. Today, SME remains the engine of economic growth and considering the population of Bangladesh, SME offers large-scale employment and income earning opportunities at relatively low costs, especially in the rural areas. It strengthens efforts to achieve high and sustainable growth, which is a prerequisite for an exit fromShow MoreRelatedWomen Entrepreneurs in Bangladesh: a Case Study on Boutique Business10735 Words   |  43 Pagesabout female entrepreneurs, and our ignorance of this important demographic is a serious blind spot in any effort to increase the total number of entrepreneurs participating in our economy. Women’s entrepreneurship has been recognized during the last decade as an important untapped source of economic growth. A woman entrepreneur is defined as a woman who has alone or with one or more partners, started, bought, or inherited a business, is assuming the related financial, administrative, and socialRead MoreMultinational Company1144 Words   |  5 Pagesforeign private investment. | | List Of Multinational Companies In Bangladesh: | | | | | | | | | | 1.Runner Group of Companies Category: Business and Economy   Companies | | | 2. Multinational Zipper Manufacturing Company NEO Zipper Category: Business and Economy |  Multinational Companies | | | | 3.Maximus Mobile Phone Bangladesh Category: Business and Economy|  Mobile Phones | | 4.Nokia Bangladesh Category: Business and Economy  |  Mobile Phones | | 5.MAKS RenewableRead MoreChallenges of Women Entrepreneurs in Bangladesh6227 Words   |  25 PagesChallenges of Women Entrepreneurs in Bangladesh Despite all their family and social problems, women have struggled hard to achieve their own identity. Women from all classes of Bangladesh want to stand up before everyone in their own right and not as someones daughter or wife. Women can be a very caring homemaker, but at the same time she can prove to be a highly skilled Entrepreneur, an efficient employee, an administrator if they choose to be. Realizing that the advancement of women can not beRead MoreThe Fight Against Poverty Around The World1394 Words   |  6 PagesOne of the most important steps in the fight against poverty around the world is the creation of jobs. The most competitive and successful in this direction is the social entrepreneurship. The task of the social enterprises is to contribute to the solving of the social problems and promoting of the people s livelihood. Social enterprises provide jobs for hundreds of thousands of people in the various fields: food production, marketing, credit, insurance, and trans portation. The social enterprisesRead MoreHow Digital Bangladesh Must Be Jointly With A Coherent Manner For Developing Banking Sector Essay1007 Words   |  5 Pagesï  ¶ Digital Bangladesh must be activated by 2021 to develop the intensive technology based banking system to move forward modern banking sector in Bangladesh. ï  ¶ Successful team building with a coherent manner for developing human ware, hardware, software and web ware are required to increase e-banking in a systematic way. ï  ¶ Greater emphasis should be put on security system and on preventing fraud so that any sort of financial transactions including on-line banking payment or any other electronicRead MoreProblems and Prospects of Women Entrepreneurship in Beauty Parlour: a Study in Sylhet.2684 Words   |  11 PagesSeminar Report on: Problems and Prospects of Women Entrepreneurship in Beauty Parlour: A Study in Sylhet. Shahjalal University of Science Technology Department of Business Administration Executive Summary Recognition of the need of women entrepreneurship has grown considerably in Bangladesh over the recent years. Because of the recognition, more supportive environment has been created for the women and more andRead MoreRise of Bangladesh’s Textile Trade Essay examples1463 Words   |  6 Pages.............................................................................7 Appendix A (Grading Rubric) .............................................................................................8 Introduction The Textile Industry in Bangladesh is growing fast despite the fact of the global economicslowdown. In current situation, businesses like Wall Mart and their customers look very cautiously towards the product necessity, value and price. Firms are more focused to lower the operationalRead MoreEssay about Development in The Peoples Republic of Bangladesh1234 Words   |  5 PagesBangladesh, or officially the People’s Republic of Bangladesh, is located in South Asia. It borders India to the west, north, and east, and Burma to the southeast. It also borders the Bay of Bengal and the Indian Ocean to the south. It is a small country, with an area of approximately 147,570 sq. km. (94th compared to all countries). However, it has the 8th greatest population in the world, with over 160 million people. It is among the worlds most densely populated countries. The capital of BangladeshRead MoreTechnology And The Implementation Of Innovative Technology1259 Words   |  6 Pagescustomers who do not have internet access or who are not technologically sound (Khalil, Ahmed Khan). ï  ¶ The coverage of the private commercial banks and foreign commercial banks is concentrated mainly in urban and semi-urban areas. The rural parts of Bangladesh still remain outside of their services. In addition, modern banking involves some financial risks as well though it has bright prospects. According to Ali (2010), the major risk of modern banking includes operational risks (e.g. security risksRead MoreEssay On Remittance1488 Words   |  6 PagesRemittances Impact on Financial Development: Moldova Abstract Remittances, funds received from migrants working abroad have becoming a significant source of export income on developing countries. This paper examines with annual data on remittance flows to financial development during 1996-2016, whether remittances contribute to increasing aggregate level of domestic credit to private sector and broad money (M2). Using time series data over 21 years, we expect to find that the growth of remittances